Oman anchors $15m fund

The Oman Investment Fund is one of the anchor investors in 500 Startups’ latest vehicle, a $15m fund aimed at startups in the Middle East and North Africa.

The Oman Investment Fund, the government venturing arm of the Omani government, has become an anchor investor in a $15m fund established by VC firm 500 Startups, according to TechCrunch.

The Qatar Science and Technology Park has also made an anchor investment.

The fund will focus exclusively on startups based in the Middle East and North Africa. To date, 500 Startups has made 39 investments in the region through various other funds.

The fund will be headed by managing director Hasan Haider. He will be based in Bahrain with regular trips expected to regional startup hubs such as Cairo, Riyadh, Dubai and Doha.

The fund’s target size is $30m, though a timeline for a second close has not been revealed.

Haider said: “Right now government-supported programs are incentivising people to set up VC funds. M&A interest is coming from Europe and the Far East.”

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. Radiology Partners administers $200m round

    May 04, 2017

  2. Wuxi NextCode programs $75m series B

    May 03, 2017

  3. Temasek helps quicken Calysta with $40m

    May 02, 2017

  4. Riskmethods assesses $14.7m series B

    May 02, 2017

  5. Taranis harvests $7.5m series A

    May 05, 2017

Events

  • 23 May - 24 May, 2017

    GCV Symposium 2017 - London

    Join 400+ business leaders from the corporate venturing and wider high growth business ecosystem for the two-day 2017 GCV Symposium.

  • More Events